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International Tractors And L&T Finance Sign Private Label Agreement
International Tractors Ltd. of the Sonalika Group has signed a partnership deal with L&T Finance (LTF) as per which the latter will provide tractor financing to Sonalika customers.
The partnership will result in easy and hassle-free availability of credit and financing benefits to Sonalika's customers across the country. L&T Finance will offer loans at special interest rates, in addition to customized repayment options, along with attractive benefits for farmers.
Sonalika is the fastest growing tractor manufacturing company in the country, having witnessed more than 25 percent growth in the last two consecutive years. The company hopes to sell more than 1 lakh tractors in FY15, following high demand for its Heavy duty tractors.
L&T Finance offers a diverse range of financial products and services for trade, industry and agriculture and is looking to further expand its base in rural retail financing. This strategic partnership is expected to bring new age of cooperative interaction between the two companies while benefitting their existing markets.
Commenting on the same Mr. A.S Mittal, Vice Chairman, International Tractors Ltd said " Our country ranks second in farm output and Mechanization of farming has played a crucial role in increasing agricultural productivity with tractors and farm equipment forming an integral part of this overall growth . As a consumer centric company, our policy has been to maximize grass root benefits for our customers. With this tie-up we hope to reach out to those customers who are in need of tractors and are looking for funds to buy them. This tie-up will provide easy and hassle free finance options for them."
Adding to this Raman Mittal, Executive Director, ITL said "At Sonalika, We relentlessly look at options to provide the best schemes to our customers and give them the power of choice. This strategic agreement is a step in the same direction. L&T finance offers innovative products and services at affordable rates. With highly competitive schemes for Tractors, we are hopeful of a good response from our dealers and customers".
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